The cityofcalgary has published its latest Economic Outlook for the region from 2022 to 2027. The good news: most indicators, such as real estate investment, are currently at new highs. The bad news: that’s expected to fall back down to Earth soon...
for the region from 2022 to 2027. The good news: most indicators the report looks at, such as real estate investment, are currently at new highs. The bad news: that’s expected to fall back down to Earth soon.
A good measure of real estate investment intentions in the near future is the aggregate value of building permits, and by that measure, Calgary is on a similar trajectory. The total value of proposed developments in Calgary was $5.7B in 2021. For 2022, that total has increased to $6.2B, the second-highest value on record since 2014, which saw $6.5B. However, the value is set to start declining in the near-future, to an average of about $5.5B between 2023 and 2027.
launched in 2021 that allocated $100M towards encouraging owners of Downtown Calgary office buildings to convert vacant office space into residential uses.For residential real estate, only two provinces, Prince Edward Island and British Columbia, increased their housing stock between 2016 and 2021 faster than Alberta, which increased its supply from 1,527,678 to 1,633,220 units.
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